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[IMJim]

Sadly I think there will be MANY MANY more scams before people in crypto learn their lesson:-(  It is CRAZY what people will follow around here!!

[1714833341]

1714833341

[1714833341]

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[HeadsOrTails]

As I pointed out in the original article I published at CoinJoint, this coin was clearly a scam until the the developers had transparent vaults and transparency behind the coins that were being mined through Proof-of-work/mining.

http://coinjoint.info/midascoin-launches-gold-backed-proof-mining-pom-blockchain/

Everyone was warned these developers were using your hashing power to mine other coins.  I hope the crypto world has finally learned their lesson about demanding transparency FIRST AND FOREMOST.

I regret not coming here and telling people to get out of this coin, but I probably would have been labeled a troll anyways.

You know, I said the same on Twitter and the dev told me to stop spreading fud and harassing customers.

I have an honest question though: how can anyone in this climate believe the dev's claims WITHOUT PROOF of any kind?
1. Dev had no proof of gold. Ever. And price based on 333g increase in gold stores daily. So 700oz + 333g daily but no proof of this means 0g/on gold
2. How can a dev claim his scrypt mining is triple in profitability with a given hashrate? It's impossible and furthermore it was opaque.

Re 1) I posted here showing the bank emailed me denying any safe deposit boxes were at an investment/portfolio only branch
2) If you mine the only way to triple profit is to triple hashrate. You're not mining money, it's needs to be exchanged!

I am not trying to rub salt in the wound; I want to understand why people would believe this dev. If someone came up to them on the street and said "I've got a fortune in gold and you'll be working for free but will get paid eventually" would you back them? It's an honest question.

I'll share with you what is happening to the dev; he's going to be arrested for commodities fraud as complaints were made to the relevant authorities. This is not trivia at all and there will be recourse for this. If not today then for another scam. Take this is a lesson and please, share with everyone how you got convinced and it'll help humanize this scam and help others later on given your responses.

[wtman]

Why is nobody from Midas team replying here?

Is there anyone in Italy or UK who can file with the authorities? We should do an escrow for legal fees.

[wtman]

https://bitcointalk.org/index.php?topic=822318.0

[xPooky]

Hello MidasCoin Community,

I'm T.k. Hamed, CEO & Founder of Coins Source and i'm here to assist with the MidasCoin situation.

Coins Source has information regarding the lead developer, but can't disclose the personal information due to being bound by an NDA agreement. While we've tried reaching out to the developers through various communication lines, they've been reluctant to answer us.

We should note that Coins Source verified the identity of the lead developer, and never any commodity (gold) in this scenario. We always highly urge the community to take the highest precautions when investing into "Commodity-Backed-Currencies." Almost all digital currencies, in concept, have a lacking proof of the existence or their ownership of such. In this scenario there was no official ICO, but a secondary means of generating funds from investors such as yourself.

The lead developer, Liberati G****, was reluctant to share any evidence of his "storage of gold" as explictly he said during our interview  (which was stated in the official trust review) http://www.coinssource.com/trust-index/midascoin-mid/.

The next step is contacting Italian and U.K. authorities to report fraud and theft of your digital "commodities," aka Bitcoin. Coins Source is on standby to release any information to an authority, upon an official request by the State of California and United States accordingly.

Here is some information that is public knowledge and can be disclosed by our team that will not violate our NDA agreement signed with this U.K. Company, aka MidasPay LLC.
 
Liberati G****** is MidasCoin's developer’s real name, and he is an Italian citizen but registered "MIDASPAY LTD - (CN) 9189647" in the U.K., http://wck2.companieshouse.gov.uk//wcframe?name=accessCompanyInfo. He did submit his identification and a legal document citing the same address as depicted on his ID card.

 


We hope to assist the community as much as we can, but again are limited under a legal document in the United States.
 
I highly suggest reading our official Trust Verification F.A.Q., which depicts the events that will occur if a developer chooses to scam. There is nothing we can due to prevent theft. The Trust Index or any POD-Duplicate is the first steps in promoting higher-transparency and ultimately a safer environment for everyone. But as history shows, no system is flawless and there will be those willing to seek the loopholes and exploit any flaw in a system. http://www.coinssource.com/trustindex-faq/


Liberati, we urge you to contact the Coins Source team as soon as possible to get this situation resolved. 
 
 
If you have any further questions, please do not hesitate to contact us directly:
Skype: Anaxai9
Phone: 1-562-794-5097
(Edit) - Email: Thamed@coinssource.com


Best Regards,
 
T.k. Hamed
CEO & Founder of Coins Source Inc.

if he choses not to contact you aka he is long gone, what happens then, will you release info if asked by members or authorities

[wtman]

Coins Source has information regarding the lead developer, but can't disclose the personal information

So what you are saying is that your service is useless in case of a scam.

Don't trust coinssource again guys.

[IMJim]

Yeah, or change your NDA to say you will release that info to the community in the case the dev has disappeared for a set amount of time, say 1 week or something.  I know this helps nothing with this situation but surely this situation shows a problem in your process!  I respect the fact that if you have an NDA currently protecting this info, you can't give it out except to the authorities.

I think some missed that point as they have asked if you would release the authorities and you have already stated you would through proper channels.

[Mig-23]

is this coin still alive

[xyburcoin]

is the developer still alive?

[wtman]

No, its probably a scam. What kind of serious dev does not have a smartphone for several days?

Its a shame that they scammed with this. It could be better than cann and uro.

[mneehon]

is the developer still alive?

Probably.  Just resting before working on another scam.

[btcltcdigger]

No, its probably a scam. What kind of serious dev does not have a smartphone for several days?

Its a shame that they scammed with this. It could be better than cann and uro.

Actually the owner/developer is currently overseas.
He should be back shortly

[mishax1]

Yeah.. fuck off.  None of your words / promises were true, all lies, so why should we start believing you now ?

Look at the dates, nothing has changed. it's October 14 now.

Hi,

Now its more than 7 days after relaunch.. where is the 2% bonus for old miners?

Thanks

same question here

Hello,

For everyone waiting for a bounty we will issue the bounties today, this also goes for the 2% miner bonuses. Sorry for the delays.

Regards,
MA

Thanks for everyone who showed support by trying out our products on the shop. We've had almost 50 orders in the last couple of days, and we will start shipping out very soon. Your orders will be marked as Complete once we have shipped your item. You'll also get an email notification about this.

Midascoin Last Active:   25 September 2014, 15:07:10   Whats up with that ?

MidasCoin is currently away on a business trip, due to be back today. No need to worry.

Once again, thanks for everyones continued support.

[wtman]

Last Active:    September 25, 2014, 12:07:10 PM

being overseas must mean that there is zero internet connectivity for 45 days, or the more believable thing is that its just a scam.

Is there anyone in Italy or UK who can report this?

[Youghoor]

Last Active:    September 25, 2014, 12:07:10 PM

being overseas must mean that there is zero internet connectivity for 45 days, or the more believable thing is that its just a scam.

Is there anyone in Italy or UK who can report this?

seems like he has abandoned it and gone.

[mishax1]

Couldn't locate the Italian(the best I could find is this) equivalent, but here is the UK police site for reporting fraud for cyber crimes

http://www.actionfraud.police.uk/report-a-fraud-including-online-crime   (found it here)

I'll try to contact them by chat when they are available.

go nuts !

[wtman]

Couldn't locate the Italian(the best I could find is this) equivalent, but here is the UK police site for reporting fraud for cyber crimes

http://www.actionfraud.police.uk/report-a-fraud-including-online-crime   (found it here)

I'll try to contact them by chat when they are available.

go nuts !

Guys you can tweet to them and also message them on facebook

https://twitter.com/actionfrauduk
https://www.facebook.com/actionfraud

[CoinSkinny]

No, its probably a scam. What kind of serious dev does not have a smartphone for several days?

Its a shame that they scammed with this. It could be better than cann and uro.

Actually the owner/developer is currently overseas.
He should be back shortly

no internet overseas?

[Normandoyle]

I feel sorry for those who were scammed by these pathetic individuals.

Lessons learned!

[wtman]

I feel sorry for those who were scammed by these pathetic individuals.

Lessons learned!